Congress getting rich off trading stocks on insider information: Jailed lobbyist Jack Abramoff

[elehhhhna]

Congress getting rich off trading stocks on insider information: Jailed lobbyist Jack Abramoff dishes dirt on book tour
By Michael Zennie

Last updated at 8:08 PM on 12th November 2011

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Members of Congress and their aides use insider information to make up to hundreds of thousands of dollars trading in the stock market, disgraced lobbyist Jack Abramoff said.

Mr Abramoff, who was one of the most powerful men in Washington before he was convicted of fraud and sent to prison for three years, said lawmakers who had no background in finance bragged to him about their trading at least a dozen times.

(It s NOT illegal for COngress to trade on inside information. They exempted themselves from the law on this subject. Elehhhhna)


Read more: http://www.dailymail.co.uk/news/article-2060738/Congress-getting-rich-trading-stocks-insider-information-Jailed-lobbyist-Jack-Abramoff-dishes-dirt-book-tour.html#ixzz1dbNQcZWq

[Ikonoklast]

1. This is news?

If I was on any banking committee, I'd be making tons of dough, all legally done with insider information.

[snot]

2. It's news to me.

[dmosh42]

3. Duh! The average US Senator is worth over 3 1/2 mil.

Some started with less than 50 k in bank, but have 50 mil after a couple terms! Duh!

[elleng]

4. GREAT 'unintended consequences' of 'getting' abramoff,

he's providing lots of evidence in support of the 99%. IF this exemption is real, we all need to know about it and add it to list of 'get rid of the damn thing.' AND if its intended solely for 'members,' their staff member users could be in jeopardy.

[Ruby the Liberal]

10. The exemption is real.

Why it was no big deal for Cantor to hold short positions (betting against growth) in US Treasuries during the debt debacle.

Congresspeople can trade any damn thing they want on any damn information they obtain, regardless of how said information is obtained.

[Cirque du So-What]

5. One small problem with the title of this story

True, Abe Jackemoff was jailed, but the shithog is walking around free, even as we speak. Fookin' shame, that.

[elleng]

6. Disagree, tho understand the sentiment.

He served 3+? years, and is NOW uncovering LOTS of crap, giving everyone including 99%, evidence, fodder.

[Cirque du So-What]

7. Agree with your assessment

and upon further reflection realize that we should be thankful that the fact he served at all is even mentioned. I have to wonder, however, why NOW is Abe Jackemoff spilling his guts? There's no compelling reason for it; he's served his time and he can live off whatever ill-gotten gains he's managed to squirrel away from prying eyes. Here's hoping investigators find the reason for this unexpected mea culpa and round of incriminating some in Congress.

[elleng]

8. He's said he has nothing, and has spent a lot, in the past, on 'good works.'

I believe he's had a real awakening; jmo.

[Cirque du So-What]

9. Hope you're right

and that this isn't part of some campaign to besmirch prominent Democrats. Still, it's hard to believe that Abramoff would place himself and his family in jeopardy by pissing off some very powerful people.

[elleng]

13. Meant to recommend M.Moore's comment on his 'meeting' w Abramoff;

check it out. Coincidental, in 'hall' btwn interviews w ? Lawrence? Charlie Rose? MM believes quite sincere, and thanked Abram...

Abram... said deliberately NOT mentioning names; intention of book is to encourage change in the entire system. vis a vis all of this crap.

As to jeopardy, he's already been there; not much more to lose.

[Frustratedlady]

11. A few years back, it was brought out that one congressperson's office

had--whatever now is used for ticker tape machines--set up with at least one person in charge of bidding. I know I didn't dream that. Anyone remember who that was? At the time, they said it was legal.

It should NOT be allowed, IMVHO.

[seafan]

12. March, 2006: Insider-Trading by a Top DeLay Staffer in Congress?

Abramoff would know.


12th November 2011:

Congress getting rich off trading stocks on insider information: Jailed lobbyist Jack Abramoff dishes dirt on book tour




And the beat goes on.